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THE SCENARIO
It's common knowledge that when your credit score is good, lenders are more eager to lend money to you on favorable terms than when it's not. The differences in interest rates and fees can add up to quite a lot of money over the long term - and the higher payment amounts make it harder to pay those bills.
Let's take a look at one hypothetical borrower with two different borrowing rates. To keep things simple, we'll focus on interest rates and ignore the extra fees that might be required of someone with poor credit.
The question: I want to borrow $200,000 to buy a house. How much more do I pay over the life of the loan if the lender charges ...
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